JLL Capital Markets announced today the $27.8 million sale of Park Pacific Shopping Center, a 49,911-square-foot grocery-anchored retail center in Hermosa Beach, California.
The buyer was Chartwell Real Estate Development and the seller was a private investor.
This marks the first sale of the property since its development over 50 years ago. The center is anchored by a Trader Joe’s and features a mix of national brands such as Starbucks, Five Below and Sally Beauty, alongside local businesses.
Located at 1100 Pacific Coast Hwy, the center is situated in the prime coastal community of Hermosa Beach with average household incomes exceeding $170,000 per year and average home values over $2 million within a one-mile radius of the property.
“We continue to look for excellent retail investment opportunities in prime coastal infill locations such as this one, and we are excited about the future of Park Pacific,” said Henry Pyle, Chartwell Real Estate Development.